Brent oil hits near six-month high on Syria fears

LONDON : Oil rose on Tuesday, with Brent crude striking a near six-month high on concern about possible military action against Syria after Washington warned President Bashar al-Assad’s regime over an alleged chemical weapons attack. Brent North Sea crude oil at one stage reached $111.92. Brent went on to trade at $111.81 a barrel, up $1.08 compared with Monday’s close. New York’s main contract, West Texas Intermediate for delivery Oct, was up 95 cents to $106.87 a barrel in Tuesday trading.

“Crude oil prices rebounded on Tuesday with Brent heading toward $112 per barrel, supported by persistent tensions in Syria following a suspected chemical weapons attack that raised the possibility of Western military action in the (crude-rich) Middle East,” said Myrto Sokou, senior research analyst at Sucden brokers. On Monday, Washington warned Syria it would face action over the “moral obscenity” of a chemical weapons attack last week, which independent medical agency Doctors Without Borders has said left at least 355 people dead from “neurotoxic symptoms”.